Workiva: Seriously?

by

So, everyone’s panicking about AI, right? Like these software companies are just gonna…vanish? It’s ridiculous. They’re acting like businesses are suddenly gonna want to build their own software. Who has time for that? It’s a whole thing. And then the inevitable: fewer employees, fewer licenses purchased. It’s all connected, I’m telling you. The whole system is rigged.

Workiva (WK +0.19%)… honestly, the name. It sounds like a spa treatment. Anyway, the stock’s down 25% this year. And people are surprised? I’m not. It’s just… predictable. They aggregate data, create reports, regulatory filings… it’s all very… responsible. But responsible doesn’t pay the bills, does it? The idea that a manager is going to trust AI with something going to the SEC… it’s just… naive. One misplaced decimal point, a misspelled word, and suddenly you’re on the news. It’s a disaster waiting to happen. And it’s always the little things.

Wall Street, of course, is “bullish.” They always are. Ten out of fourteen analysts say “buy.” Like they know something the rest of us don’t. They’re probably all getting kickbacks from Workiva. It’s a conspiracy, I tell you. A 45% upside potential? Please. It’s just a number. A made-up number designed to get you to… participate. And don’t even get me started on the Street-high target of 66%. It’s insulting.

AI and Workiva: A Complicated Relationship

Okay, so Workiva solves a problem. Businesses have data scattered everywhere. They need to pull it together. Fine. But the solution… it’s just… so much. Dozens of apps, systems, storage platforms… It’s a mess. They plug into everything and create a “trusted source of truth.” Truth? What is truth, anyway? And a dashboard? Seriously? Like a dashboard is going to magically fix everything. It’s just… a visual representation of the chaos.

They launched this “Workiva AI” thing. It drafts disclosures, turns data into insights. It’s supposed to make things easier. But easier for whom? The managers who are now going to spend their time editing the AI’s output? It’s just adding another layer of complexity. And pre-prepared prompts? It’s like they’re admitting the AI isn’t that smart. “Here, AI, read this. This is what you’re supposed to say.” It’s humiliating.

Apparently, 30% of their customers are using the AI features. And it’s “increasing.” Of course it is. They’ve already invested in it. They’re stuck with it now. It’s like buying a timeshare. You’re committed. And they’re touting this as “value.” It’s just… sunk cost fallacy.

Loading widget...

Revenue Growth: A Modest Improvement

They made $885 million in revenue. Up 20%. Okay, fine. It’s a number. And it’s “accelerating.” From 17%. So it’s… slightly less bad. They’re celebrating this as a victory. It’s like getting a participation trophy. It’s… underwhelming.

They have 6,624 customers. Up 5%. That’s… slow. But the “high-value” customers are growing faster. 42% for those spending over $300,000. 37% for those spending over $500,000. So they’re just… milking the big clients. It’s predictable. It’s always the same. And they’re calling it “progress.”

They lost $26.2 million. But it’s a 52% reduction from last year. Okay, so they’re losing less money. That’s… something. And they made $103.7 million in “adjusted profit.” Adjusted! What does that even mean? They’re just… manipulating the numbers. It’s a shell game.

Wall Street’s Delusion

Fourteen analysts. Ten say “buy.” Three are “overweight.” One is “hold.” None say “sell.” It’s a joke. It’s all… groupthink. They’re all afraid to be the one to say the emperor has no clothes. They’re just… following the herd.

Their consensus price target is $89.45. That’s a 45% upside. It’s… arbitrary. And the Street-high target is $102. 66% upside. It’s… delusional. They’re just… throwing numbers at the wall and hoping something sticks.

The P/S ratio is 3.9. It used to be 8.9. So it’s… cheaper. Relatively. It’s like saying a used car is cheaper than a new one. It’s still a car. And it’s still going to break down. It’s just… a matter of time.

So, the software sell-off has created an “opportunity.” That’s what they’re saying. An opportunity to buy Workiva at a “bargain price.” It’s just… a marketing ploy. They’re trying to get you to… participate. And the $35 billion addressable market? It’s just… a fantasy. It’s a number they pulled out of thin air. It’s a distraction. I mean, really. It’s just… infuriating.

Read More

2026-02-25 02:54